India's Petronet reports 20% jump in profit in January-March
India’s biggest LNG importer Petronet LNG May 11 reported a 20% year/year jump in standalone net profit in the three months to March 31, 2022 (Q4FY2022).
The company booked a profit of 7.5bn rupees ($97mn) in Q4 compared with 6.23bn rupees in the same period last year. Profit dropped 34% quarter/quarter, however. Petronet operates two import and regasification terminals in India, one at Dahej in western India and one at Kochi in southern India.
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During Q4 Dahej terminal processed 178 trillion Btu of LNG as against 196 trillion Btu processed during the previous quarter ended December 31, 2021 and 204 trillion Btu processed in the same quarter of the previous year. The overall LNG volume processed by the company in Q4 was 190 trillion Btu, as against the 218 trillion Btu in the year-ago period.
For the 12 months to March 31, 2022, Petronet reported a profit of 33.52bn rupees, up from 29.49bn in the previous year.